The Power consumption in Spain reached 226,238 GWh in 2020
The indicator recorded a historical decline at a CAGR of 2.49% between 2017 to 2020
Why did the power consumption in Spain decline in 2020?
After becoming a member of the European Union (EU) in January 1986, the Spanish government initiated several reforms to develop the economy and opened it to encourage trading activities and invite greater public and private investment. It also modernized its industrial sector, improved infrastructural facilities, and revised economic regulations in accordance with EU norms. The adoption of the Euro in 2002 contributed significantly to further economic development, owing to a decline in interest rates, which in turn led to higher aggregate demand for goods and services. This also resulted in a housing-sector boom, which further contributed to growth.
Power consumption increased between 2000 and 2020. In 2020, the power consumption fell as compared to 2019 due to the COVID-19 pandemic. Restrictions to curb the spread of COVID-19 resulted in closure of industries and commercial establishments for long periods in the country. This caused a significant dip in electricity consumption. By 2030, the power consumption is expected to grow at a low-single digit CAGR during the 2020 to 2030 period.
In 2020, the industrial sector had the dominant share in power consumption. This was followed by commercial, residential, and transport sector.
Power consumption is the net electricity consumed by the end users by excluding losses and own consumption and after adjusting exports and imports in a calendar year (fiscal year in some cases). The unit is represented in Gigawatt hours (GWh) and the scope is limited to historic period.
Impact of COVID-19
Spain was one of the worst hit countries in the world due to the COVID-19 pandemic. To curb the spread of COVID-19, the Spanish Government imposed strict national lockdowns in the country. Majority of the sectors in the country were affected due to these lockdowns; however, tourism and hospitality sector was the most badly affected.
With respect to power sector, the electricity consumption in the country declined in 2020 as compared to 2019. Electricity demand from industrial and commercial sectors declined significantly due to national lockdowns.
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